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Friday, 21 June 2013

Bankers urge people to adopt Islamic banking

KARACHI:

While speaking at the Second Islamic Financial Expo and Conference (IFEC) – which was held here on Thursday – bankers, businessmen and economic experts enlightened participants about the potential of Islamic banking and its advantages over conventional banking. They also underlined the need for awareness and penetration of Islamic banking and Takaful services across the country.

The Islamic Banking Industry (IBI) is flourishing in Pakistan, despite the challenges faced in policymaking for the promotion and removal of misconceptions about its modalities among the masses, speakers agreed.

While speaking at the conference, Habib Bank Limited Islamic Banking Division Head of Product Development Faizan Ahmed Memon said that there are a lot of misconceptions regarding Islamic banking services among the masses, but people are reluctant to educate themselves about the Shariah-based banking system which is a much better alternative to the conventional or interest-based banking system.

He said that although Islamic banking has grown at an amazing rate in Pakistan, its pace is still slow keeping in view the Muslim population of the country, which reflects its low acceptability among consumers.

Memon urged the participants of the conference to switch to Islamic banking, which is completely free of Riba or interest.

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